MID-SHIP Cement Report – December 1, 2025

December 1, 2025

Market Overview: 

We ended three weeks ago for Capes (180,000 DWT) on Friday, November 14, at $26,968, down from $27,709 the week prior. Monday, November 17, we stood at $27,597 (up slightly from $27,063 the previous Monday), averaged $30,154 mid-week, and finished at $30,292 on November 21. The Time Charter Average begins this week at $37,840. The FFA curve on Monday shows December at $31,075 (up from December two weeks before $26,368) and January at $22,782 (up from January two weeks prior $20,032). Q4 is now at $28,084 (up from $25,866 two weeks ago). The benchmark Brazil-to-China voyage increased over the past two weeks and opened this week on Monday at $25.28.

The Panamax market saw a slight increase two weeks ago, with daily averages ranging between $16,986 and $17,354. The Trans-Atlantic round is currently assessed at $18,241 (up from $16,873 two weeks ago), and the Pacific round for a Baltic type is at $18,172 (up from $17,643 two weeks ago). On Friday, November 14, the time-charter average traded at $17,071. To start this week, the spot average on Monday is $17,405 per day. Forward levels indicate $17,082 for December and $15,132 for January. Q4 is estimated at $16,762, and Q1 2026 is assessed at $15,049 daily.

The Supramax market traded within a narrow range two weeks prior. On November 17, we started the week’s physical market with the Supra 63 time charter average at $17,989. The segment moved increased slightly to $18,080 at mid-week and ended the week at $18,098. We begin this week at $18,228. The U.S. Gulf-to-Asia benchmark front-haul for the Supra 63 is assessed at $29,143. Forward levels show December at $17,845, January at $15,513, and Q4 at $17,691 (up slightly from $17,658 two weeks prior). Q1 2026 is estimated at $15,204.

Handy-size rates have been steadily increasing over the past two weeks. The daily average rates moved from $14,776 to $14,760, and we start the new week at a slightly higher rate of $14,932. The U.S. Gulf-to-Europe trip is assessed at $21,714 (up from $20,593 two weeks ago). Forward averages stand at $14,720 for December and $12,800 for January. The Q4 average assessment indicates $15,055. Then, in Q1 2026, the average estimated value increased to $12,157.

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